Restriction of cost of capital's property right and financing preference of listed companies |
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作者姓名: | SONG Lin YANG Wei |
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作者单位: | School of Finance and Banking, Shandong University of Finance, Jinan 250014, China |
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摘 要: | Opposite to the financing preference of creditor's rights in western firms, Chinese listed companies obviously have the financing preference of shareholding. This paper uses the theory of property for reference, and redefines the concept of cost of capital in a higher level, and considers it as the property of investors. Through a mathematics model, the author analyzes that how restriction of cost of capital's property right makes influence on the financing preference of firms, and considers that it is the restriction of cost or the imperfect cost of capital's property right that influences the financing cost of shareholding and creditor's rights, hence, determining the financing preference of listed companies. In other words, it is the restriction of cost of capital's property right that causes the financing preference of creditor's rights in western firms, and the imperfect cost of capital's property right is the reason for the financing preference of shareholding of Chinese listed companies.
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关 键 词: | 上市公司 资本成本 产权 限制因素 融资偏好 |
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